The promoter of the Winford Manila Resort and Casino, MJC Investments, has cut its Q2 losses to PHP 130m ($2.3m), from a 2021 deficit of PHP 172.9m.
The H1 report showed a total loss of PHP 249.3m, which again represented an improvement against the 2021 total of PHP 330m.
Driven by an influx in gaming operations totalling PHP 56m – up from PHP 9.7m last year – MJC said the results were the result of increased footfall, stating: “The increase is attributable to higher gaming capacity and foot traffic this period comparing to same period last year.”
The result shows a slow recovery for Manila’s gambling sector, after the ravages of the Covid-19 pandemic left it reeling in 2021.
David Chow to retire as Co-Chairman of Macau Legend
Macau Legend Development has confirmed David Chow, Co-Chairman of the Board of Directors and non-Executive Director, will step down and retire this year – with his wife, Melinda Chan, taking a role on the board as CEO.
During the annual general meeting, Chow announced his intentions, while Melinda was appointed to the board following her receiving 99% of the vote. Chan will now sit as CEO, with Li Chu Kwan becoming the new Chairman of the company.
Macau Legend has suffered the effects of the region’s Covid-19 lockdowns, amid China’s zero Covid policy, selling MOP$200m ($24m) in bonds to push into its working capital in order to stay afloat in the Chinese gambling hub.
Here, we warn the cross-border gambling crime suspects to stop their criminal acts; to return to the country; and turn themselves in so that they could still be granted lenient treatment. If not, they would face harsh punishment Wang Wenbin
Macau reveals members of casino policy committee
Macau’s leadership has announced the members of its new committee, called the Specialised Committee for the Games of Fortune Sector – with the current Secretary for Economy and Finance Lei Wai Nong becoming the chair.
Other members of the new Macau board are Adriano Marques Ho, head of the Gaming Inspection and Coordination Bureau; Hoi Lai Fong, Chief Executives office; Lam Chi Long, Office of the Secretary for Administration and Justice; Ku Mei Leng, Office of the Secretary for Economy and Finance; Ho Loc San, Office of the Secretary for Social Affairs and Culture; Cheong Loc Leng, Office of the Secretary of Security; and Cheong Chui Ling, Office of the Secretary for Transport and Public Works.
The team will begin work this week, with Lei Wai Nong having the power to invite others to take part in its meetings, though the committee with retain sole voting rights.
Newport World Resorts sees gaming revenue rise 143%
Manila’s Newport World Resorts reported an astounding gross gaming revenue (GGR) increase of 143% in its H1 results, totalling PHP 14.7bn ($263m).
The result represents a huge improvement on the previous year, after the Covid-19 impact of 2021 decimated the industry in the Philippines; something highlighted in the report, which commented that it was ‘due to loosening of mobility and travel restrictions resulting in increased foot traffic, foreign tourist arrivals and MICE activities.’
Meanwhile, AGI, a joint venture partner in Newport World Resorts, has said it plans on spending PHP 4bn on expansion plans at Newport World Resorts in 2022.
China orders citizens guilty of overseas cross-border gambling to turn themselves in
China’s Ministry of Foreign Affairs has issued a warning to citizens guilty of cross-border gambling to give themselves up or face ‘harsh punishment.’
The statement was made by Wang Wenbin, a spokesperson for the Ministry, after the capture of She Zhijiang by Thai police earlier this week – a person suspected of running illegal gambling operations online.
Addressing the subject at a briefing in Beijing, Wenbin said: “Here, we warn the cross-border gambling crime suspects to stop their criminal acts; to return to the country; and turn themselves in so that they could still be granted lenient treatment. If not, they would face “harsh punishment."
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